LETTER OF OFFER

Date: 12th Mar 2015
To,
Mr. Akshay Omar
Re: Terms of Offer
Dear Akshay,
Subsequent to your interview and discussions with us, we are pleased to appoint you as ‘Developer’, a
full time confirmed employment with us. Your date of joining Fastenal India would be as per our mutual
discussions and agreement. Please email acceptance of this offer and resignation mail sent to your current
organization to gpallat@fastenal.com. In case we don’t receive the above mentioned email within one week
from the date of receiving this letter then the offer will be withdrawn.
Compensation: Your total cost to company (CTC) would be INR 7,50,000/- per annum, payable
monthly. Please refer to Annexure - 1 to know more about components included in your compensation.
You are entitled to a Joining Bonus amount of ₹50,000 payable upon completion of three months from
your date of joining, provided you join us on or before 17th March 2015. You are also entitled to a Variable
Pay amount of ₹1,00,000 payable upon completion of one year from your date of joining.
Benefits: You will be eligible for suitable medical insurance and personal accident insurance as per policy
formulated by the company in this regard.
Provident fund and statutory deductions: Fastenal would also contribute 12% of your basic salary
towards employer’s contribution to PF. This contribution is a part of the compensation mentioned above
and would be considered as part of your CTC. From your compensation, suitable deductions like state
profession tax, income tax, employee contribution to provident fund etc, as required under various statutes
would be made and the net salary would be paid to you. Please find the annexure of salary break-up.
Gratuity: Gratuity is computed at the rate of fifteen (15) days of basic salary for every completed year of
service and is payable as per the eligibility criteria, subject to the provisions of the Payment of Gratuity Act,
1972.
Probation: All newly hired employees are subject to a probationary period of six months during which
time your reporting manager will assess your work performance and deliveries against assigned
project/activities. During this period if your performance is not satisfactory, the company reserves the right
to dismiss you without notice or compensation other than what has been earned to date
Notice period: Ninety days’ notice period from each side is a must for any kind of separation. At the
discretion of Fastenal, payment in lieu of notice period for an appropriate period (not exceeding 90 days
could be applied in the event that sufficient notice period may not be able to be served.)

Please get in touch with the HR personnel for further information on applicable policies Exclusivity: Your position is a whole time employment with Fastenal and you shall devote yourself exclusively to the business of Fastenal. as per the needs of the organization. We look forward to you joining our team and we believe that Fastenal India will provide you with an exciting environment in which to share your knowledge and develop new skills. 2 Regular leaves are accrued per month . Yours truly.Leave and other policies: Leaves and other policies that govern your employment would be as per our internal regulations. 24 days.e. We have total 24 leaves per annum. You may also be required to work from any client onsite location. You are requested to signify your acceptance of the terms and conditions of engagement by signing and returning to us the duplicate copy of this letter.i. transfer/relocate you to any other office or location within or outside India. IT & Procurement Pvt Ltd . within or outside India. You will not take up any other work for remuneration or work on advisory capacity or be interested directly or indirectly in any other trade or business during the employment with Fastenal without permission in writing from the management Location of posting & transfer/relocation: Your location of posting will be Bangalore. Accepted by: Director Akshay Omar For Fastenal India Sourcing. The Company may. at its sole discretion. India. Once again welcome to the Fastenal family! We wish you a long and prosperous career with us.

000 p.Annexure – 1 Components of Compensation Employee Name: Employee Designation: Mr.000 Less: Profession Tax Less: Employer Contribution to Provident Fund @ 12% of Basic Salary 2.400 36.600 Telephone & Internet Reimbursement 24.600 p.000 Medical Reimbursement – Fixed INR 15.a Transport Allowance – Fixed INR 9.000 House Rent Allowance – 40% of Basic Salary 120.a 15.400 Leave Travel Allowance .600 Less: Employee Contribution to Provident Fund @ 12% of Basic Salary Director For Fastenal India Sourcing. IT & Procurement Pvt Ltd .000 Food Coupons 26.000 Gross Salary: 714.000 36.000 Net Take Home Salary (subject to TDS) 675.LTA 25.000 Cost to Company (CTC): 750.000 Professional Pursuits Reimbursement 60.000 Fastenal’s contribution to Provident Fund – 12% of Basic Salary 36.000 9.000 Residual Pay 134. Akshay Omar ‘Developer’ Salary Components Rs per annum Basic Salary – 40% of CTC 300.